The influx of immigrants into British Columbia is exacerbating the province’s housing market challenges, according to “BC Check-Up: Live,” an annual report by the Chartered Professional Accountants of British Columbia (CPABC).
According to the report, British Columbia added more than 162,000 new residents between July 1, 2022, and July 1, 2023, a record high. During 2023, the province absorbed 175,024 (net) residents arriving from other countries, a 64.8% increase from 2022. On the flip side, natural growth was negative for the second year ever, while the number of people leaving for other provinces outnumbered people coming in for the first time in a decade; net interprovincial migration reduced the population by 8,228 residents in 2023.
While this occurred, British Columbia’s housing supply failed to correspond with the growing demand. The new report found there were 30,621 housing units completed in 2023 in the province’s seven Census Metropolitan Areas, a scant 1% uptick from 2022 – this translated to just 0.21 new housing units completed per new resident.
“Immigration isn’t causing the housing crisis, as we have had long-standing housing shortages in the province,” said Lori Mathison, president and CEO of CPABC. “The strain placed on households is evident, as is the impact the housing crisis is having on businesses and their talent pool.”
The report added that in May the benchmark price for the average British Columbia home was $965,100, up 1.2% year-over-year, while the average rental cost for a three-plus-bedroom apartment was $2,146 a month and $1,558 for a one-bedroom, up 3.8% and 8.8% respectively.
“Our members have consistently identified poor housing affordability as a major obstacle to business success,” concluded Mathison. “To improve affordability, we need to support policies that significantly boost the housing supply, encourage investment, and increase real incomes of B.C. residents.”
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